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Strength
Positive FY24 SSSG reading of 9.1% (FY23: 8.1%) supported by continued momentum in Ex-Jakarta areas, particularly in Java (FY24 SSSG: 8.6%), reflected robust demand for homeware, home living, electrical appliances, and kitchenware
Weakness
In Dec-24, Jakarta SSSG slowed to 3.4% (Dec-23: 9.3%), mainly due to market saturation; considerable YoY decline in Ex-Java’s Dec-24 SSSG (9.7%, Dec-23: 12.7%), primarily due to high-base effect from pent up demand in FY23
Opportunity
Potential firmer-than-expected commodity prices, driven by weaker USD, should help ex-Java markets retain upbeat 2025F momentum; potential improvement in purchasing power among mid-to-high income segments should bolster sales going forward, allowing for a reversal from recent market underperformance
Threat
Weak IDR may adversely affect purchasing power, potentially pressuring profitability; soft commodity prices could impact ex-Java performances, posing a risk towards ACES’ stores in the region; potential tax on Chinese imports is likely to hurt profitability given that most products are sourced from China
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